:With an aim to showcase Visakhapatnam as a world-class fintech ecosystem, the Andhra Pradeshgovernment will organisethe 'Vizag Fintech Festival in that city between October 22and 26.
As part of the five-day festival, Fintech Valley Vizag (FVV) is organising the $1 million global challenge in collaboration with DCF Ventures, adivision of AP Globale with offices in Berlin and Israel.
In a press release, FVV said the first round of the event took place with a roadshow in Bengaluru Wednesday.
Around three to five selected startups from these different regions would be invited to Visakhapatnam to present their technology at the final event between October 22 and 26.
Equity-free funding offirst prize of $1,50,000 (Rs one crore) and second prize of $1,00,000 (Rs 70 lakh) would be awarded to the winners, the release said.
Finalists in each category would get Rs seven lakh each to set up their business inAndhraPradesh, FVV said.
Lakshmi Potluri, CEO, DCF Ventures, said "We have received around 150-200 high-quality applications from international locations and expecting three times this number from India.
These global startups could tap into the vast untapped potential in the country."
The one million Dollar global challenge was organized in Chicago, New York, San Francisco, Paris, London, Tel Aviv and Hong Kongto bring together an ecosystem of new generation of innovation partners, incubators and corporations from around the world.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)